Japan again says no to cutting interest rates

By
Reuters /
September 19, 1986

Tokyo

Japan has again rebuffed United States calls for a cut in its interest rates, saying they were already low enough. The Bank of Japan governor, Satoshi Sumita, told Japanese businessmen Thursday that he saw no need to cut interest rates now.

Japanese rates have already been reduced three times this year and, with the discount rate at 3.5 percent, are already at record low levels, he said. The discount rate is Japan's leading interest rate.